Draw the first time step (times t = 0 and t = h) of a binomial tree modified to account for default risk. Given a default intensity 1, associate with each branch the probability of reaching a given node at t = h and provide the formula for these probabilities. Draw the first time step (times t = 0 and t = h) of a binomial tree modified to account for default risk. Given a default intensity 1, associate with each branch the probability of reaching a given node at t = h and provide the formula for these probabilities